Property Management
A Kentucky property manager's fiduciary duty to the owner does NOT include:
ALoyalty
BAccounting for all funds
CRepresenting the tenants' interests over the owner's✓ Correct
DConfidentiality
Explanation
A property manager's fiduciary duties run to the property owner, not the tenants. The manager is not required to represent tenants' interests over the owner's interests.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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